Payors unable to pay providers for services rendered to Medicare beneficiaries within a certain time will pay slightly less in interest penalties for the remainder of 2011, according to an AAPC report.
The information comes from the Treasury Department's latest post on interest rates payable when clean non-periodic interim payment Medicare claims are not paid in a timely manner by Medicare contractors. The prompt pay interest rate is now 2.5 percent, slightly lower than the rate for the previous period.
The rate is determined every six months and applies from the periods beginning Jan. 1 and July 1.
Providers can access the department's Prompt Payment website for current and past prompt payment interest rates.
Read the AAPC report on late payments.
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The information comes from the Treasury Department's latest post on interest rates payable when clean non-periodic interim payment Medicare claims are not paid in a timely manner by Medicare contractors. The prompt pay interest rate is now 2.5 percent, slightly lower than the rate for the previous period.
The rate is determined every six months and applies from the periods beginning Jan. 1 and July 1.
Providers can access the department's Prompt Payment website for current and past prompt payment interest rates.
Read the AAPC report on late payments.
Related Articles on Billing, Coding and Collections:
CMS Proposes to Ease E-Prescribing Requirements for Physicians
HIPAA 5010: Breaking It Down
New Illinois Law Prevents Some Providers From Balance Billing Patients for Care at In-Network Surgery Centers